融资优序与我国光伏行业政府管制探析

Pecking Order and Photovoltaic (PV) Industry Regulation

以我国光伏产业的主体——海外上市的十一家大型光伏企业为样本,发现了我国光伏产业具有寡头垄断的市场结构,但同时又具有较低的行业进入壁垒,海外上市光伏企业的融资顺序却仍然遵守了融资优序理论,而这一现象并不符合以往学者的研究结论。我国光伏产业应转变政府干预方式,减少行业管制。

This paper chooses eleven photovoltaic enterprises, which constitute the main body of China＇s photovohaic industry and have been listed overseas, as a sample. It is found that China＇s PV industry features oligopoly market structure and low barriers to entry, but the sampled companies have complied with the pecking order. This finding does not meet the previous research. This paper analyzes the relationship between industry regulation and this phenomenon. Finally, this paper recommends that the government interventions should be adjusted and industry regulation should be loosened.